. Crude oil prices dropped over 4% on Tuesday due to reduced supply disruption concerns.
. Brent crude oil price fell 4.65% to $73.83 per barrel.
. West Texas Intermediate (WTI) lost 4.86%, falling to $70.20 per barrel.
. Israel’s willingness to spare Iranian oil targets eases Middle East tensions.
. Israel will focus on military targets, not oil or nuclear facilities, in Iran.
. The conflict began with Iran’s October 1 missile launch in response to Israel’s actions in Lebanon.
. Ongoing tensions and conflicts persist in the region.
Crude oil prices took a significant hit on Tuesday, dropping over 4% due to a report that Israel would spare Iranian oil targets, alleviating concerns about supply disruptions. Specifically, Brent crude oil plummeted 4.65% to $73.83 per barrel, while West Texas Intermediate (WTI) lost 4.86%, falling to $70.20 per barrel. This sharp decline follows a 2% drop in prices on Monday.
The driving force behind this price drop is Israel’s willingness to focus on military targets rather than oil or nuclear facilities in Iran, as stated by Prime Minister Benjamin Netanyahu to the US. This development eases tensions in the Middle East, which have been running high since Iran launched missiles on October 1 in response to Israel’s actions in Lebanon and the killing of key allies, including Hamas’ Ismail Haniyeh and Hassan Nasrallah.
It’s worth noting that Iran’s initial attack on October 1 involved approximately 180 ballistic missiles targeting Israel, with the aim of oversaturating Israeli air defenses . However, Israel intercepted most of these missiles, and the country has vowed to retaliate against Iran. The situation remains complex, with ongoing conflicts and strategic maneuvering between Israel, Iran, and other regional players.
